We can offer best advice; Age Concern Liverpool and Sefton.
There is a common misconception that our loved ones will automatically benefit from our estate when we die, sadly that is not so. For example, if you are married, have children from a previous relationship and your estate is less than PS250,000 your children from the previous relationship would receive nothing and your whole estate would pass to your spouse.
A common situation is that illustrated by Tom and Flo.
They married in the late 1950's when Tom bought their first and only house. Tom and Flo had one child, Tom has recently passed away. He never made a Will because he always told Flo 'there is no need what's mine is yours'. The house is now worth PS350,000. Tom and Flo fell out badly with their son Alan 30 years ago and they have not seen him since.
The only asset in his estate is the house worth PS350,000 and a joint bank account which will pass to Flo. As Tom didn't leave a Will, Flo is only entitled to the personal possessions and the first PS250,000, of his estate.The remainder is divided in two; their child will receive one half now and the other half when Flo dies, as Flo is only entitled to a life interest in the other half.
Alan wants his share and so the house may have to be sold to provide this. Flo will lose her home, this is not what Tom would have ever wanted for her.
If Tom had made a Will he could have left it all to Flo or left it to her for life so at least no one could insist she move out of her home during her life and particularly at a time when she is upset and vulnerable.
As with many things it pays to seek qualified advice from someone you can trust when you are writing a Will. We advise you appoint someone who is professionally qualified and who can draw up your Will in a legally binding way as any errors could have disastrous consequences - seeing loved ones disinherited for example.
Taking advantage of a sign posting service, such as that offered by Age Concern Liverpool and Sefton can give peace of mind, knowing that arranging your affairs would be in the hands of an expert, for further information call us on 0151 236 4440.
?Who will inherit a home? As with many things it pays to seek qualified advice from someone you can trust when you are writing a Will